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21 Jun 2013
Flash: EUR/USD supported as GBP/USD bounces - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that EUR/USD was supported overnight while GBP/USD bounced.
Starting with EUR/USD, he comments that despite the dominant dollar, the EUR managed to stave off the worst as EZ PMIs proved somewhat supportive on Thursday. As noted previously, he writes, “The EUR/USD is now contemplating the 1.3200 floor and 1.3124 may remain in investors’ sights in the near term amidst the current dollar mood. Moving to GBP/USD, he notes that the pair managed to bounce of intraday lows, after the better than expected retail sales numbers on Thursday. Looking ahead, Ng notes that the overhang from the imminent arrival of new BoE Governor Carney, and dovish MPC sentiment may continue to cap prospective GBP strength. He writes, “We look for the GBP/USD to ply a range for now pending further cues with initial downside support expected towards the 55-day MA (1.5377).
Starting with EUR/USD, he comments that despite the dominant dollar, the EUR managed to stave off the worst as EZ PMIs proved somewhat supportive on Thursday. As noted previously, he writes, “The EUR/USD is now contemplating the 1.3200 floor and 1.3124 may remain in investors’ sights in the near term amidst the current dollar mood. Moving to GBP/USD, he notes that the pair managed to bounce of intraday lows, after the better than expected retail sales numbers on Thursday. Looking ahead, Ng notes that the overhang from the imminent arrival of new BoE Governor Carney, and dovish MPC sentiment may continue to cap prospective GBP strength. He writes, “We look for the GBP/USD to ply a range for now pending further cues with initial downside support expected towards the 55-day MA (1.5377).